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Corporate Image of a Business Enterprise

This article throws light upon the top eight evaluation techniques for corporate image of a business enterprise. The evaluation techniques are: 1. Graphical Method 2. Point Method 3. Index Formulae 4. Survey Method 5. Ratio-Analysis 6. State or Public Recognition 7. Position Analysis 8. Method of Comparison.

Corporate Image: Evaluation Technique # 1. Graphical Method:

Up-to-date graphs are kept which chart for each of the attributes of a profile under evaluation (say, Product, Consumers, Shareholders, and Investors).

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Corporate Image: Evaluation Technique # 2. Point Method:

Ratings are done for each attribute concerning a profile and scaling them as—very good, good, fair, poor, very poor—in relation to an acceptable minimum rating standard.

Corporate Image: Evaluation Technique # 3. Index Formulae:

Ideal indices are developed for comparison with actual ones for some attributes of a profile (e.g. promotion index under ’employee’ profile, complaints’ index and after-sales-service index, etc. under ‘customers’ profile, ROI index and dividend per share index under ‘shareholders’ profile, and so on).

Corporate Image: Evaluation Technique # 4. Survey Method:

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This method includes questionnaires to elicit information, attitudinal surveys, etc.

Corporate Image: Evaluation Technique # 5. Ratio-Analysis:

Analysis of events and trends, such as Exports to Total sales, Own sales to Total sales in the same industry, Own Exports to Total Exports, etc.

Corporate Image: Evaluation Technique # 6. State or Public Recognition:

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The recognition earned by an enterprise, i.e. awards, medals, certificates of merit received for outstanding contribution to Research, Country’s Exports, etc.

Corporate Image: Evaluation Technique # 7. Position Analysis:

The state of an enterprise in the market with regard to:

a. Market size, i.e. geographical coverage;

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b. Market share in relation to competitors and economic phenomenon operating in the firm under study;

c. Market stability in times of war and trade depression, etc.

Corporate Image: Evaluation Technique # 8. Method of Comparison:

This may include:

a. Budget/Actual comparison on quantifiable attributes within the enterprise, and

b. Inter-firm comparison within the same class of industry.

The image of a corporate sector largely depends on the image of its products and/or services. Basically, corporate image and product image go hand in hand. The messages conveyed through the medium of advertisements by a business enterprise are directed towards this.

They try to evoke a favourable response towards their products and brands by building product image and corporate image. A model below may illustrate this view-point.

A Conceptional Model of Corporate Image and Product Image:

Here, the model highlights a close relationship between the corporate mission (for image development) and the responses of the consumers on the product attributes (product image)—ultimately leading to the over-all corporate image.